Business
Expert Faults Planned Down Stream Deregulation
It is barely five years since Charles McPherson, the former Senior Adviser, Oil and Gas, World Bank delivered a paper “Drivers of Price and Tax Reform” during Nigeria Gas Policy Stakeholders Workshop in Abuja.
Since September McPherson had been in the country, this time as the managing Director of international Monetary Fund (IMF) on the invitation of the Federal government, yet on another assignment ‘mediation of the current face-off between government and the Foreign Oil Companies’ over the very voyage he set/launched yet without adequate resources for the mission.
Speaking in Port Harcourt, the Chief Coordinator, Institute of Chartered Economists of Nigeria, South- South, Mr. Friday Udoh said the reschedule petroleum downstream deregulation policy of the Federal government is faulty, describing deregulation as a perfect agent that is capable of transforming economic landscapes of any nation only when structuring in a more sustainable way. “The American, Britain and many other nation does it and it works bringing down the prices of oil and gas” of all “what drive this success is adequate structure and capacity, in Nigeria to my understanding, private sector is gone,” he asserted.
The Coordinator, noted that deregulation build-up market based price mechanism for increasing balanced in supply and demand structure, complementing with appropriate instruments to give every consumers and producers alike within products supply chain liberty to exercise its right, at ensuring value for money and quality supply in the market, again shaping the market for appropriate and long- term up-front investment. Where are these instruments? He asked
Citing malfunctioning of the already inadequate 445,000 barrel per day referees in the country and the inability of government given private investor’s necessary cooperation to assists them in speeding up various private refinery projects. “The issue that bothered on the fully taken-off private refineries construction is not just the removal of subsidy alone, but enabling laws to galvanized their relationship with the upstream operator for security of feed stock and difficulty in accessing credit facility due to global and domestic financial structure failure, a situation that call for government intervention in addressing the challenges” “as I am speaking, the major components of the Amakpe Refinery, Eket is ready in United State and I feel that it is the responsibility of government seeking to know their problem and supporting this initiatives for the interest of its citizens by developing collaborative structure for contacts and innovative financial structure to boost local production capacity for appropriate pricing of Petroleum Products in the country, not only Amakpe alone but to others “He noted.
According to Mr Udob, the situation become more worrisome under a weak institutional environment referring to sector-level legal and regulatory framework whose capacity to influence and supporting sustainability and success of reform depend, more so its recognition as the beginning and implementation point of every successful reform, especially in a market oriented reforms as in petroleum sub-sector to protect the consumers, its mandate and clarity of rules defining her/his existence and relationship with other bodies, such as antitrust commission and relevant ministries. Is it the kind of Petroleum Products Price Regulation and Monitoring Agency (PPPRA) a tool for political joggling or Department of Petroleum Resources (DPR) in the face of disjointed supply chain capability? Earnestly, their activity creates more problem than can solve. He reiterated
Mr. Udoh likened reform measures to macro-economic policies and reform performance to economic indicators such as income per capita and the institutional aspect to the rule of law and property rights, again energy resource independence to geographical advantage of a state, to which careful thought need to be given while pointed out that the quality of institutions in the country can have a significance influence over economic development, sustaining continuity and the dynamic of reform process” At the moment kerosene goes at N300 per litre meaning that in an economy with many leaving in abject poverty and within $1 N140) per day, deregulation of downstream amounts to mass suicide, hence adequate thought must be given to economic indicators” He stated
He listed poverty as one of the greatest problem facing the country today and alarming unemployment rate which radical approach is needed to facilitate income growth through employment and ensure access to basic services and goods for the poor meaning that for successful reform, the Economic, Social, Environmental and Institutional Framework must be given adequate attention, considering that Petroleum product is the only source of energy qualified as “strategic goods” given rise to abuse and absent of standardization and quality control pricing and uncoordinated safety measures.
Business
Agency Boss Seeks Improvement In Revenue Collection, Accountability

The Managing Director of National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, has called on the management and staff of the brown water regulatory agency to show renewed commitment to boosting revenue generation, enforcing accountability, and improving operational efficiency of the organisation.
Oyebamiji, who made the call recently while declaring open a retreat for NIWA’s top executives and stakeholders in the industry in Lokoja, Kogi State, stressed the need for improved performance across all NIWA offices, particularly in revenue generation.
He expressed concern over the under performance of some area offices, citing cases where annual revenue figures were as low as one or two million Naira.
“This situation is simply unacceptable. Despite management’s provision of resources, incentives, and training opportunities, the expected results were not achieved.
“Moving forward, stricter measures will be enforced to ensure accountability and drive performance”, Oyebamiji stated.
He further addressed the challenges in debt recovery, revealing that many Area Managers failed to cooperate with the debt recovery consultant appointed in 2024.
He said in some instances, debtors were either untraceable or provided inconsistent financial records, making recovery efforts difficult.
“This negative attitude towards financial accountability will no longer be tolerated”, he warned.
The retreat, which brought together key stakeholders including the honourable Minister of Marine and Blue Economy, the Chairman of the House Committee on Inland Waterways, the NIWA Board, Management staff, and security personnels, aims at providing a comprehensive review of the authority’s 2024 performance and establish strategic targets for 2025.
Oyebamiji emphasized that beyond reviewing past performance, the retreat would also focus on capacity building and teamwork to ensure that every officer is well-equipped to meet the set goals.
“This retreat is not just about evaluating past performance, it is about strategizing for the future. I encourage all participants to engage actively, exchange ideas, and work collectively towards making NIWA a leading agency in the marine and blue economy sector”, he concluded.
The two-day retreat featured panel discussions, training sessions, and interactive engagements aimed at strengthening NIWA’s operational framework and fostering a culture of efficiency, accountability, and innovation.
Nkpemenyie Mcdominic, Lagos
Business
NCDMB Scribe Sues For African Collaboration Strategy On Local Content …… Decries Fragmented Implementation
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has charged sub-Saharan African nations to keep pace with unfolding trends in the global oil and gas industry.
He also charged them to adopt a unified approach in strengthening local content development, advancing industrialisation and fostering sustainable continent-wide economic growth.
Ogbe stated this in a keynote address he gave at the 9th Sub-Saharan African International Petroleum Exhibition and Conference (SAIPEC), in Lagos, last Tuesday.
According to him, nations such as Nigeria, Angola, and Ghana have made notable strides in local content development by boosting indigenous participation in the oil and gas sector.
He, however, expressed regret that fragmented implementation continues to hinder collective progress.
The NCDMB scribe called for a collaborative strategy among petroleum-producing nations in sub-Saharan Africa that would foster the sharing of best practices and enhance cross-border partnerships that could drive the competitiveness of indigenous players.
In his paper entitled “Sub-Saharan Africa Local Content Collaboration Strategy”, Engr. Ogbe identified harmonisation of local content policies, human capital development, investment in infrastructure, funding for local companies and technology transfer, as key pillars to Africa’s collaboration strategy.
He noted that “there is a need to develop a robust local content framework that positions the region for long-term economic prosperity”, and that this could be fostered “through the collaborative efforts of the African Petroleum Producers Organisation (APPO), and the United Nations Economic Commission for Africa and the African Union”.
The NCDMB boss also highlighted the importance of the African Continental Free Trade Agreement (AfCFTA) as a critical legal framework that could be leveraged to achieve collaborative local content strategy in Africa, given the free trade area it has created by integrating 1.3 billion people across 54 African countries with a combined gross domestic product of over $3 trillion.
On human capital development, which he described as “pivotal to the successful implementation of local content”, he observed that approximately 60% of Africa’s population is currently under the age of 25, and that this teeming population provides a unique opportunity to fast-track development.
Ariwera Ibibo-Howells, Yenagoa
Business
ICTN Not Threat To Trade Efficiency – SEREC … Blames Unregulated Charges, Others
The Sea Empowerment and Research Centre (SEREC) has in strong terms countered claims that the proposed International Cargo Tracking Note (ICTN) is detrimental to Nigeria’s economy.
Contrarily, SEREC said rather, it’s unregulated charges, informal levies, and multiple taxation that pose a far greater threat to trade efficiency and port competitiveness.
In a recent publication, SEREC expressed concern over the misrepresentation of ICTN’s role, particularly in media reports suggesting it would “kill the economy”.
The research center emphasised that ICTN, if properly implemented, would add real value to the port system by enhancing trade transparency, streamlining import statistics, and improving regulatory oversight.
“If we are sincerely concerned about charges that are ‘killing the economy,’ then our focus should be on the various hidden and unregulated costs currently imposed on shippers”, SEREC’s Head of Research, Eugene Nweke, siad.
SEREC provided a detailed breakdown of excessive charges affecting shippers.
These charges, according to the Centre, significantly contribute to inefficiencies in Nigeria’s port system, increasing the cost of trade and making logistics unpredictable.
One of the major concerns raised in the publication is the “Seven per cent Port Development Levy”, which continues to be collected despite the port concession regime.
In addition, “various unregulated terminal handling charges, positioning fees, scanning fees, and labour costs” have further added to the financial strain on shippers.
The “ETO Trucking Fee”, set at N100,000 per truck for entry and exit at terminals, is another significant burden, the Centre noted. Meanwhile, “arbitrary trucking costs” which are unilaterally determined by service providers create further unpredictability in the logistics chain.
SEREC also highlighted the issue of “informal payments and settlements”, which it said involved “unreceipted fees” at different cargo clearance points.
These hidden costs, coupled with “security agency tolls” allegedly imposed by government security operatives along cargo routes make cargo movement more expensive. Additionally, the Centre criticised the “state-favourably on the global stage.”
Given these arguments, SEREC is calling for the “immediate implementation of ICTN” to restore order and efficiency in Nigeria’s port system.
The research Centre argues that ICTN should not be grouped with arbitrary charges but should be seen as a “structured, value-adding fee with a clear function”.
Nweke assured that “by the time the implementation fully runs through a period, the effects and contributions to the port system and its impact is felt by all, then, those who are initially in doubt of the effectiveness of the ICTN would have no option but to embrace and appreciate the enabling device (ICTN)”.
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